Newspaper articles - 12th March, 2012
Long wait for PRSI refunds as claims soar - Irish Independent
THOUSANDS of workers who lost their jobs or emigrated during 2010 are still waiting for refunds of PRSI owed to them by the State. New figures show that the number of taxpayers seeking refunds of overpaid PRSI health contributions has soared to 165,000 since the Irish Independent highlighted the scale of the money owed.
Refunds averaging nearly €400 each are owed to thousands of people who earned less than €26,000 in 2010, but more than €500 in any one week, resulting in too much PRSI being deducted. So far, about 32,000 people have been repaid €12m -- an average payment of €375 each -- the latest figures show.
http://www.independent.ie/national-news/long-wait-for-prsi-refunds-as-claims-soar-3046657.html
Pulling on the green jersey can pay off - Irish Times
The public exposure and access to power that St Patrick’s Day affords represents a unique opportunity that Irish businesses need to exploit to better effect. THE WORN cliché of “pulling on the green jersey” will be bandied about ad nauseam in the excited climax to St Patrick’s Day, amid an exodus to shore up support for Brand Ireland. But businesses are almost universally agreed that March 17th, a unique one-day gateway to the international arena, has benefits that can infiltrate the other 364 days of the year.
John Hartnett, founder and president of the Irish Technology Leadership Group (ITLG) based in Silicon Valley, has been working with US companies for 14 years and believes March 17th is a “phenomenal platform” that no other country can boast of. Ultimately, it lends itself to high-level access, once-off networking, invaluable press opportunities and, often, new contacts and contracts. But while Hartnett is complimentary of the work undertaken by the Government to promote Irish businesses and investment opportunities abroad using St Patrick’s Day as the launch pad, he is critical of the “love affair” with Washington and New York, when places such as Silicon Valley and Hollywood are key areas of employment and opportunity.
http://www.irishtimes.com/newspaper/finance/2012/0312/1224313149182.html
Food importer jailed for not paying €1.6m in garlic taxes - Irish Times
A DUBLIN food importer was yesterday jailed for six years for failing to pay €1.6 million in tax due on Chinese garlic, which attracts an “inexplicable” rate of import duty 24 times higher than other fruit and veg. Dublin Circuit Criminal Court was told Paul Begley (46), of Begley Brothers in Blanchardstown, evaded paying duty on more than 1,000 tonnes of garlic from China by having it mislabelled as apples. The court heard the duty on garlic imports was up to 232 per cent, compared with just over 9 per cent for other fruits and vegetables.
http://www.irishtimes.com/newspaper/frontpage/2012/0310/1224313108787.html
Hogan gets go-ahead to use bills for tax dodger hunt - Irish Independent
ENVIRONMENT Minister Phil Hogan is set to use the information on ESB bills to catch household-charge dodgers after data protection concerns were addressed. So far, just 200,000 of the 1.6 million liable households have paid the €100 charge, with the March 31 deadline just weeks away.
Mr Hogan's department is now confident that it will be granted access to the records of householders' names and addresses held by the ESB following discussions with the Data Protection Commissioner. Other sources of information which will be used to identify those dodging the charge will include the databases of the Revenue, the Department of Social Protection and the second-home tax records held by the local authorities.
Warning to EU over carbon tax - Irish Times
European aviation bosses have urged political leaders to stop an escalating global row over an EU carbon levy, warning it is seriously threatening their industry. Airbus chief executive Tom Enders said that China - at the forefront of opposition to the EU Emissions Trading Scheme (ETS) - had suspended orders for aircraft worth $12 billion, putting at least 2,000 positions at risk.
Alongside Mr Enders, eight chief executives of airlines and engine makers wrote to the leaders of Britain, France, Spain and Germany saying they expected "suspensions, cancellations and punitive actions to grow as other important markets continue to oppose ETS". "The aim must be to find a compromise solution and to have these punitive trade measures stopped before it is too late," the chief executives wrote in the letter. "We have always believed that only a global solution would be adequate to resolve the problem of global aviation emissions."
http://www.irishtimes.com/newspaper/breaking/2012/0312/breaking5.html
12.03.2012. 14:51
Tax Deadlines for April
14 April 2012
- Monthly P30 for March 2012 (deadline is extended to 23 April 2012 when filed via ROS)
- DWT return and filing and payment date for dividends made in March 2012
21 April 2012
- Payment of preliminary Corporation Tax for accounting periods ending 31 May 2012 (deadline is extended to 23 April 2012 when filed via ROS)
- Payment of initial instalment of preliminary Corporation Tax (large companies only) for accounting periods ending 31 October 2012 (deadline is extended to 23 April 2012 when filed via ROS)
- Corporation Tax filing deadline for accounting periods ending 31 July 2011 (deadline is extended to 23 April 2012 when filed via ROS)
09.03.2012. 14:34
Newspaper articles - 9th March, 2012
Ref tax row takes twist - Irish Examiner
The referees’ expenses controversy has taken a dramatic twist with Limerick match officials asked to supply their Personal Public Service (PPS) numbers to the county board. The request for their tax information was made by county treasurer Owen Hayes at a recent in-service training evening to ensure the referees retain their 2011 rates including €50 per championship game.
The county board plans to pay the taxes for them and bill the clubs for their services,providing the necessary details are furnished. Although match expenses were mentioned last night, PPS numbers weren’t discussed at a meeting of referees in the Gaelic Grounds as officials await the outcome of the ongoing talks between Croke Park and Revenue.
http://www.irishexaminer.com/sport/ref-tax-row-takes-twist-186588.html
Make that call for LEADER funding - Irish Examiner
As a follow-on article to my recent series looking at how to evaluate on-farm and off-farm opportunities, this week I look at some sources of funding for potential enterprises you might be considering. I spoke recently with Kevin Santry of the West Cork Development Partnership.
This is one of many units dotted around the country which provide EU and Government supported assistance for projects. The West Cork Development Partnership covers projects in a huge area starting south of Cork City, extending from north of Macroom to Bandon, Kinsale, Clonakilty, Skibbereen, Durrus, and the Beara Peninsula.
Operating out of Clonakilty, Kevin and his colleagues provide both financial and non-financial support to fledgling and established companies. On the financial side, private projects can avail of up to 50% funding, up to a maximum grant of €150,000, while community and tourism projects have the potential to obtain up to 75% funding.
http://irishexaminer.ie/farming/finance/make-that-call-for-leader-funding-186330.html
Cooney sure GAA and Revenue can reach agreement over tax - Irish Independent
THE GAA are confident that they can strike a deal with the Revenue Commissioners which will settle the recent row that led to the threat of strike by club referees. Discussions between the GAA and Revenue resumed after club referees threatened to revolt against proposals to tax fees for officiating at games. Longford referees actually called a strike, but deferred it, pending GAA talks with Revenue. GAA president Christy Cooney said yesterday that he was confident the matter could be sorted out to everybody's satisfaction.
Irish tax on low incomes in example to others - Irish Examiner
Ireland was one of just four EU countries with tax on low-incomes at under 30%, and was an example for others countries on how tax could be used to help create employment and fight against poverty. All EU countries were asked to review their tax systems with a view to shifting them away from labour by EU leaders at last week’s summit.
Such a review was timely given the need to foster a job-rich recovery, according to Laszlo Andor, the commissioner for employment, social affairs and inclusion. However, tax expert Brian Keegan of Chartered Accountants Ireland said the country’s "virtue was accidental", and not entirely correct.
"Our tax base was too narrow during the boom years, and even though we have broadened it, mainly by the Universal Single Charge, we still fit his prescription for the balance of tax paid between high earners and low earners".
http://examiner.ie/business/irish-tax-on-low-incomes-an-example-to-others-186244.html
Importer of used cars in challenge to VRT tax - Irish Times
A USED car importer has challenged the vehicle registration tax valuation system as secretive, arbitrary and lacking in transparency. In High Court proceedings, Used Car Importers of Ireland (UCII), Centre Park Road, Cork, claims VRT discriminates in favour of the domestic car trade and against importers by allegedly imposing artificially high values on imported used cars.
VRT was introduced in 1993 and UCII brought its proceedings in 1995. Following several years seeking disclosure of documents needed for the case, it began yesterday before Mr Justice Roderick Murphy and is scheduled to run for three weeks. UCII has been involved since 1998 in the importation and sale of used vehicles, particularly from Japan, but also from other EU states. In its action against the Minister for Finance, the Revenue Commissioners and the State, UCII wants an injunction requiring publication of values of new and used cars for the purpose of calculating VRT.
http://www.irishtimes.com/newspaper/ireland/2012/0307/1224312914523.html
Varadkar refuses to assure hoteliers 9% VAT rate will continue into 2013 - Irish Examiner
Minister for Transport, Tourism and Sport Leo Varadkar refused to assure hoteliers the 9% rate VAT for the hospitality sector will be continued into 2013.
Mr Varadkar said that the scheme had only been designed to last for one year and that it had cost the exchequer over €110m. "I can’t give hoteliers an assurance in relation to VAT levels," he said. "It has been very successful for tourism and the hotel sector and also for restaurants and the leisure sector but it does cost.
"It cost the exchequer between €110m and €130m a year, which is a lot of money and that has to be worked out in the context of the next budget as to whether we have that space, a lot of it will come down to how tax returns perform in other areas."
Stephen Kinsella: Lets say it out loud - Ireland is a tax haven - Irish Independent
Recently Enda Kenny spoke at Harvard. His message was simple: we've gone through hard times, we've suffered, and we are ready to get back up and regain our sovereignty. How will we do this? "We've got tax, talent, technology and track-record," The Taoiseach said. Why did he say "tax" first? Who cares about tax? Will Barack Obama secure re-election by putting taxes first in a programme for national recovery? Of course, taxes are important, but why are they first on the list of things Ireland will do to get itself back up and running again?
I think we all know why tax is first. It's an open secret, isn't it? Every time you see an announcement about a multinational locating here, or opening a new plant, in addition to the happiness that comes with any new jobs, aren't we all asking: "Why us, why not Singapore or Germany?" I think we know why. What is the word 'tax' code for in the Taoiseach's speech?
Huge hikes in motor tax being considered, says Hogan - Irish Independent
ENVIRONMENT Minister Phil Hogan admitted the Government is considering massive hikes in motor tax rates for drivers of ordinary family cars. Mr Hogan yesterday confirmed that the annual motor tax system was being restructured, and refused to rule anything "in or out" before December's Budget. Mr Hogan made the comments while attending the launch of Kilkenny's first Walking Festival, which runs throughout April.
The Irish Independent yesterday revealed that motorists who drive the most popular brands of family cars, including Ford, Volkswagen and Toyota, will be stung for major increases in motor tax. This is because the Government believes too many cars are falling into lower tax bands, based on carbon emissions, which were introduced by the previous administration.
GAA Allay fears of Revenue 'swoop' - Irish Times
THE GAA is anxious to calm fears that the association is being targeted by the tax authorities. In the wake of concerns expressed about tax compliance within the association and unrest amongst referees caused by threatened reductions in their match expenses, GAA finance director Tom Ryan said the discussions are part of an ongoing dialogue with the Revenue that has been in process for more than 12 months. He also expressed himself unhappy with the publicity that suggested the association was under scrutiny for suspected non-compliance.
http://www.irishtimes.com/newspaper/sport/2012/0306/1224312852502.html
09.03.2012. 14:32
Newspaper Articles - 2nd March, 2012
What the Taxman wants from the GAA - Irish Independent
WHILE the row over expense payments to referees has been diffused for the present, tax issues could emerge on a much larger scale for the GAA, arising from discussions between Croke Park and the Revenue Commissioners.
The GAA sought a hurried return to negotiations with Revenue on Tuesday after Longford referees called a strike in protest against a new payment arrangement, involving a meal payment of €13.71, plus a car allowance of 50c per mile. Under the existing arrangement, referees were paid a flat fee.
No more increases in VAT, says Kenny - Irish Times
THERE WERE “some small movements or increases” in employment in the retail sector, Taoiseach Enda Kenny said. “However, it is realistic to say, and everyone understands, that in general the retail sector has been under some pressure here.” Mr Kenny said that in the budget, the Government had brought forward two years of VAT increases in one year. There would be no further VAT increase, he added.
http://www.irishtimes.com/newspaper/ireland/2012/0301/1224312582718.html
Plastic bag levy nets €166m in 10 years - Irish Examiner
The Government levy on the use of plastic shopping bags has generated €166m for the exchequer since it was introduced 10 years ago. The levy has also led to a fall of at least a 90% in their use in Ireland. A similar tax is set to be introduced in Northern Ireland next January.
The reduction in the use by shoppers of disposable plastic bags has been welcomed by environmental organisations and by retailers.
http://www.examiner.ie/ireland/plastic-bag-levy-nets-166m-in-10-years-185605.html
Fears for smaller shops as retail sales fall 1.6% - Irish Times
RETAIL GROUPS described as dismal and disappointing figures yesterday which show that core retail sales volumes, excluding the volatile motor trade, fell by 1.6 per cent between December and January. When the 21.3 per cent fall in the volume of sales by the motor trade is included, the monthly decline stands at 3.7 per cent.
On an annualised basis, core retail sales were down 2.7 per cent by volume. Including motor sales, the figure was 0.3 per cent weaker than at the same time in 2011.
http://www.irishtimes.com/newspaper/finance/2012/0229/1224312523152.html
Budget VAT hike leads to 3.7% drop in sales in January - Irish Independent
RETAIL sales in January fell by 3.7pc from December, the first monthly fall since September, the Central Statistics Office said today. A slump in motor sales of 21.3pc was the main factor – sales were down 0.8pc compared to January 2011.
But overall sales still fell by 1.6pc in January, giving an annual drop of 2.7pc, in the wake of the Budget VAT hike which saw the standard rate go from 21pc to 23pc.
Household charge paid on 142,000 homes - Irish Times
NEARLY 142,000 homes have been signed up for the €100 household charge, with the deadline for registration to pay by direct debit falling today. It has also been confirmed that dozens of agency staff are being employed to process the charges.
Some 141,813 properties had been registered by yesterday evening, which has raised a total of €14.2 million. Some 79 per cent of the payments have been processed online.
http://www.irishtimes.com/newspaper/ireland/2012/0229/1224312524385.html
Favourite for French presidency plans 75% tax rate - Irish Times
FRENCH PRESIDENTIAL frontrunner François Hollande has set off an intense debate over how much tax the rich should pay with a surprise plan to tax top earners up to 75 per cent of their income. Building on his campaign’s efforts to portray President Nicolas Sarkozy as the “candidate of the rich”, Mr Hollande said the new top rate and the reversal of Sarkozy-era tax breaks would “send out a signal, a message of social cohesion”.
The 75 per cent rate would apply to incomes of more than €1 million a year.
http://www.irishtimes.com/newspaper/world/2012/0229/1224312525226.html
Trust others with your family's financial future - Irish Independent
It's one thing to plan for a scenario where you die unexpectedly. Often a simple will transferring all of your assets to your spouse will suffice. But how many young farmers have thought about what might happen to their family or farm if both they and their spouse died suddenly?
This is where a discretionary trust comes into play. It can hold assets in legal limbo until they are distributed to beneficiaries. It works well in a farming situation where there are young children and time is needed to consider what should be done with the assets. The other advantage of a discretionary trust is that there is often no gift, inheritance tax or capital gains tax on the assets going into the trust on the death of the person who set it up.
Businessmen dispute Revenue's claim they owe €6.2m for tax bills - Irish Independent
FOUR businessmen say tax bills of up to €6.2m should not stand because they involved financial transactions that fell within anti-avoidance provisions of revenue legislation. It is claimed the disputed tax decisions of 2011 arose from pre-determined views within the Revenue that the four were engaged in tax avoidance via arrangements to create and use contrived capital losses.
Assignee relief measures widened - Irish Times
The scope of the Special Assignee Relief Programme and the Foreign Earnings Deduction measure announced in the Finance Bill are to be widened. The relief programme allows certain multinational employees receive a portion of their pay tax free.
http://www.irishtimes.com/newspaper/finance/2012/0225/1224312374448.html
Cut reliefs to boost pensions, State told - Irish Times
TAX RELIEFS on private pensions should be “rethought” and reduced, and the savings used to fund a “decent non-contributory State pension”, the lead author of a major new report on older women pensioners has said.
http://www.irishtimes.com/newspaper/ireland/2012/0225/1224312377707.html
Burton considers allowing self-employed to claim unemployment benefits - Irish Examiner
Self-employed people may soon be able to claim unemployment benefits under proposals being examined by Minister for Social Protection Joan Burton. Minister Burton has ordered a review of the Social Insurance Fund to see whether self-employed people could get dole payments when they are out of work.
http://www.irishexaminer.com/breakingnews/ireland/burton-considers-allowing-self-employed-to-claim-unemployment-benefits-541269.html
02.03.2012. 10:44
Newspaper articles - 27th February, 2012
EU warns of harsher budget as growth is slower than forecast - Irish Independent
THE EU said next December's Irish Budget may have to be harsher than planned, as the country's economy grows less than forecast. While the Government claims that gross domestic product (GDP) will expand by 1.3pc, the European Commission now expects the economy to expand by just 0.5pc. In November, the EU predicted growth would rise 1.1pc. The commission's economics chief, Olli Rehn, told reporters yesterday that the final decision would be left to officials from the commission, ECB and the IMF, once they have completed a "more in-depth assessment" of the country's economic situation. The officials are due to return to Ireland in April for the IMF's sixth bailout mission.
Deadline looming for tax relief on your mortgage - Irish Independent
Prospective home buyers currently face a number of dilemmas. There are some who fear they will lose out on mortgage interest tax relief (MIRT) if they don't buy ahead of the deadline for the December termination of the relief, as buyers will no longer be able to avail of this relief after the end of this year. This dilemma is particularly acute for people who bought for the first time within the last eight years because they can enjoy special tax status.
Low taxes and frateful staff...sure, what's not to like? - Irish Independent
MANY people have been wringing their hands as house prices and taxes approach 1990s levels once again. The good news is that certain aspects of the economy are also beginning to resemble the 1990s -- a period that was characterised by high exports and rapid job creation. News that PayPal will create 1,000 jobs in the country over the next few years is no isolated event. Sky Television said earlier this year that it will create 800 jobs while a handful of other companies have announced another 700 jobs in places such as Kilkenny. The IDA has dropped heavy hints that more are on the way.
Obama corporate tax reforms may hinder FDI into Ireland - Irish Independent
PRESIDENT Barack Obama took aim at US companies based in Ireland and other low-tax countries yesterday, prompting fears that his measures may deter foreign direct investment here. Facing elections in November, Mr Obama unveiled a series of measures last night to tax American companies operating overseas. The president's proposed reform of America's corporate tax code includes a minimum tax on profits made by US firms overseas -- negating one of the key reasons for many US companies to set up in Ireland.
Inheritance tax changes when will bring more small farms into tax net when land is transferred - Irish Examiner
LAST week, we looked at how there has been a massive increase in the rate of inheritance tax over the past two years. Based on a simple example of a transfer of €600,000 of cash from parent to child, the increase in inheritance tax has been €93,509. I mentioned previously that there are two other specific reliefs which augment the calculations, where there is a transfer of land. The reliefs are known as "Agricultural Relief" or "Business Relief". Both of these reliefs grant a 90% reduction for tax purposes in the value of the property being transferred, before the tax rate is applied.
http://www.examiner.ie/business/farming/inheritance-tax-changes-when-will-bring-more-small-farms-into-tax-net-when-land-is-transferred-184749.html
Kenny signals shift on sick-pay plans - Irish Independent
TAOISEACH Enda Kenny signalled yesterday that he was going to significantly water-down plans by Social Protection Minister Joan Burton to make employers pay for workers' sick leave. It came after warnings from employers that passing on the cost could force struggling businesses to lay off employees. Just two days after the beginning of Ms Burton's consultation process, Mr Kenny told the Dail that he did not want anything that would put obstacles in the way of employers.
http://www.independent.ie/national-news/kenny-signals-shift-on-sickpay-plans-3029110.html
Why US Firms are moving to Ireland - Irish Times
When former US president Bill Clinton told American executives that they’d be “nuts” not to invest in Ireland, many were already ahead of him. US companies were behind almost 40 per cent of offices bought or leased in Dublin last year and the trend is likely to accelerate this year. PayPal, which already employs about 1,500 people in Blanchardstown, west Dublin, is today expected to announce plans to create 1,000 extra jobs at a new facility in Dundalk, Co Louth
http://www.irishtimes.com/newspaper/breaking/2012/0221/breaking30.html
Household charge to raise €160m with €10m received to date - Irish Times
More than €10 million has been received to date from 109,569 households who have paid the €100 household charge. Some 1.6 million households are liable for the charge. It is expected to raise an estimated €160 million.Householders have until March 31st to pay the charge. The charge is an interim measure pending the future introduction of a comprehensive property tax. All owners of residential property are liable for the household charge on each residential property they own.
http://www.irishtimes.com/newspaper/ireland/2012/0221/1224312116348.html
Minister revives plan to shift sick pay burden - Irish Times
MINISTER FOR Social Protection Joan Burton has revived her proposal to shift the burden of paying sick employees from the State to employers for the first weeks of sickness. Ms Burton first suggested the policy change before last December’s budget. However, amid criticism from employers and from Fine Gael deputies, the measure was withdrawn. The Minister said yesterday she was beginning a consultative process on the introduction of such a statutory sick-pay scheme where the employer shares some of the cost.
http://www.irishtimes.com/newspaper/ireland/2012/0221/1224312116562.html
27.02.2012. 10:08
 |
Registered to carry on audit work in Ireland and Great Britain and authorised to carry on investment business by the Institute of Chartered Accountants in Ireland (ICAI). Chartered Accountants Ireland is the operating name of ICAI |
KBG Chartered Accountants © 2010 Website Design by Bluenet |